WASHINGTON \u2014 The Group of Seven wealthy democracies said Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with \u201csubstantial\u201d amounts of diesel after the fuel recently hit record high prices in the United States.<\/p>\n
U.S. President Donald Trump said the diesel release would happen \u201cimmediately,\u201d echoing a G7 promise to start \u201cimmediately\u201d with a \u201cfrontloaded substantial release\u201d of diesel within the next 20 days and the rest over four months.<\/p>\n
Trump and his Republican Party face pressure to address surging prices ahead of the Nov. 3 midterm elections, and Trump announced the action Friday on social media. The president\u2019s approval ratings on the economy hit a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased U.S. prices for oil and other goods.<\/p>\n
Gas prices in the U.S. and abroad have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. The national average for a gallon of diesel in the U.S. was US$6.37 on Friday, according to AAA, after hitting a record US$6.52 on Sept. 22. Diesel prices have hit records in Europe, too.<\/p>\n
The release of diesel in Europe might mean less exports of diesel from the U.S., which could lower prices by 25-50 cents per gallon after a few weeks, said Michael Lynch, distinguished fellow at Energy Policy Research Foundation, a non-partisan research institution focused on energy and economics.<\/p>\n
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A tank farm is pictured at the Klesch oil refinery (formerly BP) where diesel, gasoline and heating oil are produced in Gelsenkirchen, Germany, Friday, Oct. 2, 2026. (AP Photo\/Martin Meissner) A tank farm is pictured at the Klesch oil refinery (formerly BP) where diesel, gasoline and heating oil are produced in Gelsenkirchen, Germany, Friday, Oct. 2, 2026. (AP Photo\/Martin Meissner) Macron says the decision should bring down prices<\/p>\n
France holds the rotating presidency of the G7 group and made the announcement in a statement released after videoconference talks that Macron presided over. The G7 countries are Canada, France, Germany, Italy, Japan, the U.K. and the U.S., plus EU representation.<\/p>\n
The release follows on from a March announcement that International Energy Agency member countries would release 426 million barrels of oil and products to stabilize the oil market. European Union countries committed about 92 million barrels, a promise weighted toward refined products made from crude such as diesel.<\/p>\n
\u201cThis common decision and this unity should bring down prices,\u201d Macron said. \u201cThe volumes we\u2019re releasing should also add liquidity to the market and bring down prices.\u201d<\/p>\n
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U.S. President Donald Trump arrives on Marine One on the South Lawn of the White House, Friday, Oct. 2, 2026, in Washington. (AP Photo\/Rod Lamkey, Jr.) U.S. President Donald Trump arrives on Marine One on the South Lawn of the White House, Friday, Oct. 2, 2026, in Washington. (AP Photo\/Rod Lamkey, Jr.) <\/p>\n
In addition to the rise in the price of the crude oil from which diesel is made, other factors include the decision by Russia to ban exports due to Ukrainian drone strikes on its refineries. Europe does not import Russian diesel, but other buyers of Russian diesel such as Turkey and Latin American countries must now compete with Europe for available barrels.<\/p>\n
Meanwhile refined product shipments from the Persian Gulf producers have fallen due to war damage and blocked export routes.<\/p>\n
The statement pushed U.S. oil prices down two per cent but \u201cthe impact was lessened by lack of clarity on an important question,\u201d said Pavel Molchanov, investment strategy analyst at Raymond James. Is the 100 million barrels in addition to the amount already agreed in March, or \u201cis this the final portion of the existing pledge?\u201d he said.<\/p>\n
The G7 says export bans are off the table<\/p>\n
Some Republicans in the U.S. had called for Trump to ban U.S. exports of diesel to try to bring domestic prices down. But the G7 statement said the group agreed not to limit energy exports to each other. Oil market analysts warn a U.S. export ban could lower prices in the short term but eventually backfire by reducing supplies of gasoline since diesel output can\u2019t be lowered without also cutting overall refinery production.<\/p>\n
Asked about a potential U.S. export ban on Friday, Trump said \u201cwe were never going to do it.\u201d<\/p>\n
\u201cWe\u2019re not going to be doing the export ban,\u201d Trump told reporters at the White House. \u201cWe\u2019re going to be doing what we\u2019re supposed to do.\u201d He added that Europe is making \u201ca major world contribution, and so are we.\u201d<\/p>\n
Experts say there are risks in the strategy<\/p>\n
The emergency release could also be a short-term fix with the potential to do long-term harm, said Jim Krane, energy research fellow at Rice University\u2019s Baker Institute.<\/p>\n
\u201cDraining stocks will reduce retail fuel prices for a while, at the cost of leaving Europe with less emergency cover,\u201d Krane said. \u201cAt some point in the future Europe and the rest of the G7 will have to refill their strategic reserves. Normally they try to do this when prices are low. Nobody knows when that will happen. It\u2019s a risk.\u201d<\/p>\n
With two wars raging that involve attacks on refineries and exports, \u201cit\u2019s not the best time to be frittering away your emergency stocks — especially when there is no visibility on future prices or peace agreements,\u201d Krane said.<\/p>\n
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U.S. President Donald Trump, left, receives a tour of Chateau de Versailles from President Emmanuel Macron ahead of a dinner on Wednesday, June 17, 2026 in Versailles, France, after the G7 summit in Evian, France. (Anna Moneymaker\/Pool Photo via AP) U.S. President Donald Trump, left, receives a tour of Chateau de Versailles from President Emmanuel Macron ahead of a dinner on Wednesday, June 17, 2026 in Versailles, France, after the G7 summit in Evian, France. (Anna Moneymaker\/Pool Photo via AP) <\/p>\n
Trump had a conversation overnight with Macron about the need to address rising fuel prices and the availability of petroleum products, according to the French Embassy in the U.S. Macron on Friday then chaired the videoconference of G7 leaders to discuss the issue.<\/p>\n
Besides his call with Macron, Trump on Friday called in to the meeting with the G7 leaders to negotiate the release of the European diesel stockpiles, according to a White House official who was not authorized to speak publicly and spoke on the condition of anonymity.<\/p>\n
Trump on Thursday embarked on what he said would be a 32-day marathon of rallies to try to bolster his party\u2019s chances for keeping control of the U.S. House and Senate in the November elections. The president has grown increasingly frustrated with what he sees as a disconnect between his achievements and the public\u2019s view of his work. This week he gave himself an A-plus for his work on the economy but said \u201cwe\u2019re doing an extremely poor job of promotion.\u201d<\/p>\n
Collin Binkley and John Leicester, The Associated Press<\/p>\n
Leicester reported from Paris. AP writer Michelle L. Price contributed to this report. AP Business Writer David McHugh contributed from Frankfurt, Germany and Cathy Bussewitz contributed from New York.<\/p>\n
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